§ 4. Mr. Petherickasked the President of the Board of Trade the average delay involved between receipt of shipping documents in Italy for British shipments to that country and payment of the corresponding sterling to such exporters; whether he is aware that the delay is causing distress amongst the fishermen and loss to the exporters of pilchards to Italy and also to exporters of china clay and other commodities; and what action he is taking?
§ Mr. StanleyI regret that information is not available which would enable me to answer the first part of the question. I can, however, state that the delay between the deposit of lire in Italy in respect of United Kingdom exports and the release of the sterling to the exporters through the clearing account concerned is at present about 21 weeks. I have received certain representations on this subject. The question of the steps to be taken to reduce the delay in transfer is at present under discussion with the Italian authorities.
§ Mr. BeechmanWith regard to the Italian pilchard payments, will my right hon. Friend consider making arrangements whereby, on payment of a suitable commission, the Government will advance to the exporters the sterling equivalent of the purchase price as soon as that price is deposited with the appropriate bank by the Italian firms?
§ Mr. StanleyThat raises a wider question.